Liontrust sells credit business

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Asset manager Liontrust has agreed to sell its credit business to Avoca Capital, the boutique Ireland-based leveraged loan specialist, for £3.2m. The sale includes a move for Liontrust’s credit team, as well as its £84m of assets under management (AUM). The credit business represents six per cent of the London-listed asset manager. Liontrust said it hoped to use the proceeds of the sale to expand its fund management capability, including through the offer of mainstream investment products.